Objective
By the end of this lesson, the student will understand the historical context and economic principles behind the game MONOPOLY. They will also explore the impact of the game on society and its reflection of real-world economic practices.
Materials and Prep
- MONOPOLY game (any edition)
- Notebook and pen for notes
- Access to a computer or smartphone for research (optional)
- Understanding of basic economic terms (e.g., supply and demand, monopoly, capitalism)
Activities
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Game Play Analysis
Play a game of MONOPOLY while taking notes on strategies used by players. Discuss the different approaches to buying properties, trading, and managing finances. After the game, reflect on how these strategies relate to real-world economic principles.
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Historical Research
Research the origins of MONOPOLY. Explore its creation by Elizabeth Magie and how it was originally intended to illustrate the negative aspects of monopolies. Prepare a short presentation on your findings.
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Economic Simulation
Create a mini-simulation of a market using MONOPOLY money. Set up scenarios where the student can experience supply and demand, price changes, and market competition. Discuss outcomes and strategies that were effective.
Talking Points
- "MONOPOLY was created in the early 20th century to illustrate the pitfalls of monopolistic practices. How do you think this perspective influences gameplay?"
- "What strategies did you use during the game? How do they reflect real-world business practices?"
- "Consider the impact of property ownership in MONOPOLY. How does this relate to wealth accumulation in society?"
- "Discuss the role of chance in the game. How does luck play a part in economic success in real life?"
- "Reflect on the social dynamics of the game. How does competition affect relationships among players, and how might this mirror business interactions?"